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Ethereum Price Forecast: Ether Holding $130, But For How Long?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started consolidation after an upward move against the US dollar and bitcoin. ETH/USD is holding the key $130.00 support, but there are a few bearish signs on the charts.

Key Highlights

Ether’s price traded further higher and tested the $150.00 resistance against the US dollar.
A major bearish trendline breached at $125.00 on the 2-hour chart of ETH/USD.
ETH/BTC is consolidating gains above the 0.0350BTC support.

Technically, the 2-hour chart is currently near midlines in bullish territory.

Ether Price Analysis

In the weekly analysis, we discussed a possible bullish break above $145.00 in ETH/USD. The pair did break the $142.00-145.00 resistance and tested the $150.00 resistance, where sellers emerged.

ETH/BTC tested the 0.0375BTC resistance level and later corrected lower. The pair is currently consolidating above the 0.0350BTC support and might continue to trade in a range before the next move, either toward 0.0375BTC or toward 0.0320BTC.

Ethereum Price Analysis ETH

Looking at the 2-hour chart of ETH/USD, the pair formed a support base near $114.71 and later started a strong upward move. Ether even breached the $130.00 and $142.00 resistance levels. Buyers gained momentum above the $145.00 resistance and traded as high as $150.06.

However, there was no proper close above $145.00 and the price started consolidating gains. It moved below the 23.6 percent Fibonacci retracement level of the recent wave from the $114.71 low to $150.06 high.

To the downside, there is a decent support formed at $135.00 and a bullish trendline. The main support is near the $130.00 level and the 50 percent Fibonacci retracement level of the recent wave.

Ether Price Analysis Chart

To start a fresh bullish wave, the price must break the $142.00 and $145.00 resistance levels, above which buyers are likely to clear the $150.00 resistance. The main resistance awaits near the last swing high at $160.00.

Overall, the current price action is slightly bearish below $140.00. A successful break above the $145.00 barrier will most likely open the doors for an upside acceleration toward the $150.00 and $160.00 barriers. On the flip side, a break below $130.00 may push the price back toward $115.00

Important Resistance Levels

$142.00 and $145.00

Important Support Levels

$135.00 and $130.00

2-hour RSI

The RSI is placed just above the 50 level.

2-hour MACD

The MACD is slowly reducing its bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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